Using data from 40 nations, the paper establishes an empirical connection between financial inclusion and real-time payments for the first time.

According to the research, real-time payments stimulate economic growth and have the potential to assist millions of people escape poverty by giving individuals access to reasonably priced financial services. Significant new income potential for financial institutions are also presented by the concomitant boost in financial inclusion that many nations have witnessed as a result of an increase in real-time transactions.

In today's digital economy, real-time payments are a potent engine for both societal change and economic expansion. Thomas Warsop, president and CEO of ACI Worldwide, states that they "enable greater financial inclusion and improve the efficiency of financial systems." "This study illustrates how modernizing payments benefits governments, banks, and all stakeholders equally."

Real-time payments increased GDP by $164.0 billion in 2023 in all 40 of the study's participating nations, or the labor product of 12 million people. According to the analysis, GDP contributions from real-time payments will reach $285.8 billion by 2028, representing the labor of 16.9 million people and a 74.2% growth over the next five years.

Furthermore, in the 28 nations under study for financial inclusion, 167.2 million people who had previously been shut out of the financial system may open bank accounts during the course of the following four years.

According to the statistics, banks have a sizable window of opportunity for profit, especially in the vibrant developing market economies of China, India, Pakistan, Nigeria, and the Philippines.

"As economies increase adoption of instant payments, reduction in transaction costs, enhancements to user experience, and wider behavioural factors are directed linked to increasing the share of the population engaging with financial institutions," says Owen Good, head of economic advisory at CEBR. We still see that when money is moved in a matter of seconds as opposed to days, all parties involved benefit.